1. A. MERS shall engage a third-party provider, selected by the board of trustees, to administer the DROP accounts of members.
2. B. Upon a member’s completion of the DROP participation period, MERS shall transfer their DROP funds to the provider on the first business day of the month following the member’s completion of the DROP participation period.
3. C. In situations where a member terminates employment and DROP prior to the selected participation period, DROP funds shall be transferred to the third- party provider on the first business day of the month following notification to MERS of the member’s termination.
4. D. The third-party provider shall provide multiple investment options to participants, including fixed and variable investment options. Participation may result in the loss or gain of principal or earnings based on market performance.
5. E. The third-party provider shall not process withdrawal requests made by the member until MERS notifies the provider that the member has terminated employment.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 11:1823.

Historical Note

HISTORICAL NOTE: Promulgated by the Department of Treasury, Municipal Employees’ Retirement System, LR 48:2371 (September 2022).